By Michael Scott
Bitpanda announced partnering with the Deutsche Bank to grant German crypto traders real-time crypto payments. The partnership is set to benefit crypto traders who utilize the German International Bank Account Numbers.
The partnership yields concrete benefits, allowing the crypto traders to execute inbound and outbound payment transactions on Bitpanda. The recent partnership seeks to enhance transaction efficiency and security while the real-time payment targets boost liquidity for Bitpanda’s clients in Germany.
The partnership enables Bitpanda to utilize the application programming interface (API) oriented account solution. The API-based solution facilitates the Bitpanda trading platform access to the German International Bank Account Numbers (IBANs).
IBANs involve the internationally accepted codes enabling banks to execute international transfers safely. Bitpanda targets utilizing the serving to enhance security and efficiency when executing funds transfers.
Bitpanda to Facilitate Real-time Cash Transaction for Crypto Traders
Bitpanda clients within the region will receive the German IBAN applicable for the deposits and withdrawal benefits. Consequently, the fiat deposits and withdrawal requests from Bitpanda will utilize the Deutsche Bank channel, thereby realizing real-time settlements.
Bitpanda deputy chief executive Lukas Enzersdorfer-Konrad affirmed the essence of banks facilitating crypto access to the masses. The executive reiterated how Bitpanda collaborates with leading financial institutions, including Raiffeisen Bank International, LBBW, and N26, towards facilitating crypto adoption.
Enzersdorfer-Konrad indicated that Bitpanda had emphasized trust, security, and compliance as the factors propelling the recent partnership in the past decade. The executive suggests that one cannot acquire trust and integrity; instead, one must earn it, just as Bitpanda realized.
Deutsche Bank hailed the partnership with Bitpanda and affirmed its devotion to safeguarding the accounts and guaranteeing value-enhancing payment solutions. The bank is ready to streamline Bitpanda’s treasury operations and reconciliation processes, yielding more robust liquidity across the trading platform’s core markets.
Revisiting Deutsche Bank Crypto Adoption
Enzersdorfer-Konrad considers the partnerships involving bank and crypto firms to yield benefits for the end-users. Bitpanda infrastructure is oriented to enable the banks to offer the clients full capabilities akin to first-class crypto products.
Enzersdorfer-Konrad considers the partnership with the Deutsche Bank to signify the maturity of the players. The trading platform hails the addition of leading international banks to the institutions partnering with it.
Enzersdorfer-Konrad weighed into implementing the Markets in Crypto-Asset Regulation (MiCA) framework to encourage leading European banks to develop crypto solutions.
Enzersdorfer-Konrad had acknowledged the shift in European banks into crypto in an earlier pronouncement. The executive noted that MiCA is facilitating tokenization with more banks, considering that the crypto regulation yields clarity that is missing for the sector.
Enzersdorfer-Konrad observed that banks have acknowledged their apparent inadequacy in technical expertise. They tend to avoid research efforts instead of prioritizing bringing new products to the target market.
Enzersdorfer-Konrad indicates that more European banks will be onboard to offer crypto services. The Bitpanda co-chief executive attributes the possible influx of European banks in the crypto space to the regulatory clarity granted by MiCA as it becomes effective later this year.
Enzersdorfer-Konrad indicated that the European banks had not realized the technical knowledge and infrastructure. The executive observed that such inadequacy prompts the banks to tap crypto service providers, as witnessed by the Deutsche Bank’s partnership with Bitpanda.
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